Exicom Tele-Systems Ltd
Incorporated in 1994, Exicom Tele-Systems Ltd manufactures EV chargers and Critical Power components[1]
- Market Cap ₹ 1,194 Cr.
- Current Price ₹ 85.7
- High / Low ₹ 209 / 78.1
- Stock P/E 76.3
- Book Value ₹ 65.7
- Dividend Yield 0.00 %
- ROCE 7.13 %
- ROE 3.23 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 20.8% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 8.11% over last 3 years.
- Earnings include an other income of Rs.26.4 Cr.
- Debtor days have increased from 100 to 129 days.
- Working capital days have increased from 96.3 days to 140 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Part of BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 350 | 275 | 309 | 336 | 516 | 866 | 752 | 826 | |
| 324 | 319 | 315 | 307 | 464 | 751 | 713 | 773 | |
| Operating Profit | 26 | -44 | -6 | 29 | 52 | 115 | 40 | 52 |
| OPM % | 7% | -16% | -2% | 9% | 10% | 13% | 5% | 6% |
| 25 | 36 | 14 | 13 | -7 | 18 | 46 | 26 | |
| Interest | 9 | 11 | 16 | 18 | 17 | 19 | 38 | 45 |
| Depreciation | 8 | 16 | 16 | 15 | 16 | 18 | 21 | 25 |
| Profit before tax | 33 | -35 | -23 | 10 | 12 | 96 | 27 | 8 |
| Tax % | 55% | 3% | -54% | 58% | 34% | 31% | 22% | |
| 15 | -36 | -11 | 4 | 8 | 66 | 21 | 6 | |
| EPS in Rs | 17.84 | -43.93 | -12.84 | 4.88 | 9.45 | 4.78 | 1.51 | 0.45 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 31% |
| TTM: | -1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 73% |
| TTM: | -67% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -35% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 8% |
| Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 121 | 121 | 139 |
| Reserves | 165 | 128 | 131 | 136 | 143 | 512 | 537 | 775 |
| 57 | 46 | 98 | 98 | 122 | 46 | 472 | 331 | |
| 152 | 208 | 228 | 261 | 195 | 243 | 250 | 393 | |
| Total Liabilities | 381 | 389 | 464 | 501 | 468 | 922 | 1,380 | 1,638 |
| 78 | 98 | 91 | 98 | 77 | 90 | 92 | 102 | |
| CWIP | 1 | 1 | 12 | 11 | 5 | 22 | 79 | 117 |
| Investments | 10 | 7 | 0 | 7 | 7 | 4 | 250 | 534 |
| 293 | 282 | 361 | 386 | 379 | 806 | 959 | 886 | |
| Total Assets | 381 | 389 | 464 | 501 | 468 | 922 | 1,380 | 1,638 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 22 | 34 | -17 | 16 | 9 | 10 | 19 | |
| -26 | -11 | -28 | 14 | 9 | -286 | -438 | |
| 6 | -25 | 46 | -23 | -16 | 317 | 385 | |
| Net Cash Flow | 1 | -1 | 2 | 7 | 2 | 41 | -34 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 103 | 131 | 157 | 125 | 91 | 81 | 129 |
| Inventory Days | 220 | 223 | 189 | 224 | 121 | 115 | 93 |
| Days Payable | 215 | 249 | 288 | 276 | 143 | 125 | 133 |
| Cash Conversion Cycle | 108 | 105 | 58 | 73 | 68 | 71 | 89 |
| Working Capital Days | 76 | 45 | 72 | 58 | 63 | 86 | 140 |
| ROCE % | -12% | -4% | 22% | 21% | 24% | 7% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| EV Chargers Sold (AC & DC) Units |
|
||||
| Capacity Utilization - EV Chargers (Gurugram Facility I) % |
|||||
| Capacity Utilization - Rectifier Modules (Solan Facility) % |
|||||
| Market Share - Public EV Chargers (India) % |
|||||
| Market Share - Residential EV Chargers (India) % |
|||||
| Cumulative Li-ion Battery Deployment Units |
|||||
| Installed Tower Sites (Cumulative) 000 Number |
|||||
| Order Book - Critical Power INR Crores |
|||||
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
6 Mar - Submission of copy of Newspaper Publication in respect to Postal Ballot Notice of the Company
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 5 Mar
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
17 Feb - Company hereby submit the transcript of investors conference call held on Friday, February 13, 2026 at 4:30 P.M (IST)
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 Feb - Audio recording of Exicom's Feb 13, 2026 Q3 and nine-month results conference call posted on company website.
-
Submission Of Statement Of Deviation & Variation
13 Feb - Audit committee reports no deviation in utilization of IPO (Rs400cr) and Rights (Rs259.41cr) proceeds as of Dec 31, 2025.
Concalls
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT
-
Aug 2025Transcript PPT
-
May 2025Transcript PPT
-
May 2025TranscriptAI SummaryPPT
-
Feb 2025Transcript PPT REC
-
Nov 2024Transcript PPT REC
-
Aug 2024Transcript PPT REC
-
Aug 2024TranscriptAI SummaryPPT
-
May 2024Transcript PPT
Business Overview:[1][2][3]
ETSL is in the business of manufacturing critical power components such as rectifiers, AC to DC converters, etc. and also offers energy storage solutions, along with production of EV chargers. It is a sustainable energy transition vertically integrated company with a service network of 200+ engineers across 26+ states (450+ Cities). Company operates on 2 business fronts:
a) Enabling electrification of transportation through the EV charging products
b) Facilitating energy stability of digital communication infrastructure with power conversion systems and energy storage solutions.